UK-based renewable energy developer OnPath Energy said it is moving forward with a £1 billion investment plan over the next five years, following a strong financial performance that saw the company report a £69.4 million operating profit in its latest accounts.
The Sunderland-headquartered firm, acquired by Brookfield in December 2023, recorded turnover of £95.7 million in the 15 months to end-2024, up from £50.2 million in the 12 months to September 2023. The latest reporting period included the sale of the 67.2MW Kype Muir Extension onshore wind project in Scotland to funds managed by Schroders Greencoat.
“We have delivered a very encouraging set of results despite UK power prices being lower than the previous period and are well set to build on them in the coming years,” said Simon Fisher, OnPath’s chief financial officer.
The company said it will focus on expanding its onshore wind portfolio, particularly in Scotland, England, and Wales, as it seeks to build on its existing 3GW pipeline of wind, solar and battery storage projects.
OnPath also plans to continue recruitment, having created 30 new jobs over the past 18 months. The firm said it remains committed to building out high-quality renewable infrastructure and optimising its portfolio through selective asset sales.
“We are making significant investments in high-quality renewable energy infrastructure as we grow in terms of our diversity of projects and technologies, as well as geographically,” Fisher added.
Chief executive Richard Dunkley highlighted the strategic advantage of Brookfield’s backing, pointing to enhanced access to capital and global procurement channels. “Having the world’s largest dedicated transition investor as an owner presents a wide range of new opportunities around access to capital, global procurement relationships and PPA markets which will be central to our future development,” Dunkley said.
He also welcomed recent government decisions on electricity market reform, noting their positive impact on the UK’s renewable sector. “The changing policy landscape and the government’s commitment to making Britain a clean energy superpower opens the way for us to contribute significantly to meeting its ambition of doubling onshore wind and tripling solar power by 2030,” he said.
OnPath said it supports the government’s decision to retain a national electricity market rather than move to a zonal system, describing it as “good news for British consumers.”
The company added that new onshore wind farms would contribute to job creation, energy security, and cost savings for consumers, while also delivering benefits to local communities.
